Hedge Fund Wants Sonoco Buyback

In the latest effort by an activist hedge fund to rein in acquisitive managers, Atlantic Investment Management urged Sonoco Products'(SON Quote) board to consider a one-time $10 million stock buyback.

The fund is seeking either a Dutch tender offer or an accelerated share-repurchase plan, and wants them carried out as soon as possible. Atlantic Investment's Alexander Roepers, with 5.6% of Sonoco's outstanding shares, is the packaging company's second-largest shareholder.

"Shareholders have the right and opportunity to express their opinion," said Alan Cecil, a vice president of investor relations at the Hartsville, S.C.-based global packaging company. He had no further comment. ...